, chief u.s. economist for ubs investment research. great to have you here. talking about terrible thing, apocalypse, armageddon is the president of these united states. he's mistaken? >> all you have to do is add the numbers. they say this sequester is $85 billion. that is based on budget authority. what they actually spend less behind budget authority so when commiists figured this, they take half of the 85 billion divided by the gdp and three tenths or four tenths of 1%. it's not that big right now. lou: one of the thing, and i don't want to engage you on the conversation with the president's veer rasety, but the fact of the matter, as we noted on the broadcast, the president talking about first responders, policemen, firemen, emts losing their jobs because of sequester. we don't know what he was thinking when he said that, but i wanto know what's going to happen with the economy, and i think everyone watching this wants to know where we are. in contraction in the fourth quarter with the gdp, and numbers suggest life and bigger to this economy, which is it? >> i think it's the latter.